PTTEP acquires 20% participating interest in Oman's Block 61 from bp for up to US$2.59 billion
Clients PTT Exploration and Production Public Company Limited
Jones Day represented PTT Exploration and Production Public Company Limited ("PTTEP"), a national petroleum exploration and production company based in Thailand, in connection with its subsidiary PTTEP MENA Limited's acquisition of a 20% participating interest in Oman's Block 61, one of the largest gas developments in the Middle East, from BP Exploration (Epsilon) Limited ("bp"). bp (the operator) continues to hold a 40% participating interest, while other partners OQ (Oman's national oil company); PTTEP MENA Limited; and PC Oman Ventures Limited (a subsidiary of PETRONAS, Malaysia's national oil company), hold 30%, 20% and 10% participating interests, respectively.
The consideration for the acquisition is US$2.450 billion, subject to final net working capital and other closing adjustments, plus up to an additional US$140 million subject to certain milestones being accomplished. The transaction was funded by PTTEP's available cash.